'First phase of India-US trade deal near closure'

Commerce secretary Rajesh Agrawal on Monday said the first phase of India-US bilateral trade agreement (BTA) is now “near closure” and the two sides are connected through “virtual” means to initially resolve New Delhi's concern over 50% reciprocal tariff on Indian goods, and Washington’s ask for greater market access.

- Rajeev Jayaswal

The US is India's largest trading partner.

(HT)

Negotiating a comprehensive BTA may take time as it could have “multiple tranches”, and both sides are making endeavours to finalise the first tranche, which will involve reciprocal tariff, he said.

He, however, declined to give any timeline. “We don’t have a deadline,” he said. India and the US have so far completed six rounds of talks.

According to a joint statement issued in February, the two sides wished to finalise the first tranche of the deal by November 2025.

The proposed BTA aims to more than double the bilateral trade to $500 billion by 2030.